Illinois General Assembly - Bill Status for SB2079
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 Bill Status of SB2079  94th General Assembly


Senate Sponsors
Sen. Chris Lauzen - Edward Petka - William E. Peterson - Steven J. Rauschenberger - Peter J. Roskam

Last Action
DateChamber Action
  1/9/2007SenateSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 200/15-173 new
30 ILCS 805/8.29 new

Synopsis As Introduced
Amends the Property Tax Code. Creates the Citizens' Assessment Freeze Exemption. Beginning in taxable year 2005, an assessment freeze exemption is granted for real property that is owned by an Illinois taxpayer or leased by a lessee who is an Illinois taxpayer who has a legal or equitable ownership interest in the property as lessee and is liable for the payment of real property taxes on that property. Provides that the amount of this exemption is the equalized assessed value of the property in the taxable year for which application is made minus the base amount. Defines "base amount" as the base year equalized assessed value of the property plus the first year's equalized assessed value of any added improvements that increased the assessed value of the property after the base year. Defines "base year" as the taxable year prior to the taxable year for which the applicant first qualifies and applies for the exemption. Provides that, for property that is used for residential or farm purposes, a new base year shall be established when the applicant sells or transfers the property and, for all other property, a new base year shall be established at the earlier of (i) 10 years or (ii) the sale or transfer of the property. Sets forth application procedures for the exemption. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

DateChamber Action
  2/25/2005SenateFiled with Secretary by Sen. Chris Lauzen
  2/25/2005SenateFirst Reading
  2/25/2005SenateReferred to Rules
  3/8/2005SenateAdded as Chief Co-Sponsor Sen. Edward Petka
  12/20/2005SenateAdded as Chief Co-Sponsor Sen. William E. Peterson
  1/19/2006SenateAdded as Chief Co-Sponsor Sen. Steven J. Rauschenberger
  1/19/2006SenateAdded as Chief Co-Sponsor Sen. Peter J. Roskam
  1/9/2007SenateSession Sine Die

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